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Not necessarily. Iron oxide is somewhat ferromagnetic but iron chloride is paramagnetic. So just having some iron atoms in something isn't enough to make it ferromagnetic.

http://www.thenakedscientists.com/HTML/questions/question/28...




Indeed, even stainless steel isn't necessarily ferromagnetic, even though it's mostly iron.


Even very hot iron is not magnetic. ( http://en.wikipedia.org/wiki/Curie_temperature )




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